. Lakota Resources Inc Source: Lakota Resources Inc. NEWS RELEASE FOR IMMEDIATE RELEASE Wednesday December 4, 2002 Mr. George Breuler reports Lakota Secures 100% Ownership in Ikina Reef Property, Tanzania TORONTO, ONTARIO--Lakota Resources Inc. (YLA-TSX Venture) A tentative agreement has been reached with Lakota's Australian joint venture partners on the Ikina Reef licences in Tanzania, which will result in Lakota owning a 100-per-cent interest in this highly regarded gold property. The terms of the purchase agreement call for Lakota to issue 400,000 of its common shares for Spinifex Gold Limited's 45-per-cent interest in Ikina and to issue 222,222 common shares to Sub Sahara Resources NL for its 25-per-cent interest. The deal is conditional upon acceptance of the terms by the respective boards of directors and regulatory approval being obtained. The Ikina Reef property hosts a number of gold occurrences, which are being actively worked by local artisanal miners. More importantly, the 25-square-kilometre licences adjoin the western boundary of Barrick Gold's Bulyanhulu mine and as such is situated on the strike extension of the Bulyanhulu trend which hosts Barrick's 18-million-gold-ounce orebody by the same name. As previously reported in Stockwatch Nov. 7, 2002, Lakota controls approximately 64 square kilometres of prospective ground adjoining the northern boundary of the Ikina Reef property and with the addition of the above-disclosed 100-per-cent interest in Ikina now has almost 90 square kilometres of prime gold exploration terrain along the northwestern extension of the Bulyanhulu trend. Once this sizable land position is solidified under Lakota's ownership the company will pursue offers for financing an aggressive exploration program on the package either on its own or in a joint venture partnership. As a further condition of the above transaction Lakota will appoint Klaus Eckhof, currently the managing director of Spinifex, to its board of directors as president. The appointment of Mr. Eckhof will be concurrent with the closing of the private placement financing described below. The private placement will consist of up to 400,000 units of Lakota at a price of $2.76 per unit. Each unit will consist of one common share of Lakota and one common share purchase warrant. Each common share purchase warrant will be exercisable to acquire an additional common share of Lakota at a price of $3.50 in year one or $3.90 in year two. The shares will be subject to a mandatory hold period under applicable securities laws. Closing of this private placement is conditional upon regulatory approval. Subsequent to the closing of the above transactions, George Breuler, the long-time president of Lakota, will remain with the company as a director and will continue to be actively involved in the affairs of the company. Contact: Lakota Resources Inc. Jack Tindale Phone: (416) 368-3332 Fax: (416) 368-8957 Suite 600, 15 Toronto Street Toronto, ON M5C 2E3 or Lakota Resources Inc. George Breuler Phone: (772) 633-0923 -30- The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Source: Lakota Resources Inc.